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Rating the Rating Agencies

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Keywords
  • F4 - Macroeconomic Aspects Of International Trade And Finance
  • F34 - International Lending And Debt Problems
  • F32 - Current Account Adjustment
  • Short-Term Capital Movements
  • F3 - International Finance
  • F31 - Foreign Exchange
  • F36 - Financial Aspects Of Economic Integration

Abstract

In this study, we begin by assessing the ability of sovereign credit ratings to anticipate crises. In addition, given the wave of sovereign credit ratings downgrades that have followed the crises in Asia, we investigate formally the extent to which credit ratings are reactive. Along the way, we discuss a small but growing literature that examines to what extent financial markets anticipate crises.

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